Cost Estimates

[Sam Peplin 1]

Hello,

I've been apart of BBT coming on 3 months now. I'm still a ways off from transitioning from the sim to live trading. However, I'm starting to explore what's needed in terms of subscriptions/software once I do make that switch. Below is what I've come up with along with some questions. Thanks for the help!

IB Account - Do most people use IBKR Lite or IBKR Pro? I plan on only day trading US equities account. I will do some trading pre-market, and don't plan on trading options, Forex, etc with this account. Reading the compare/contrast between the 2 plans makes it seem like the Lite version will provide what I need--however, am I missing something?

DAS Trader Pro - $165/month for Deluxe Plus Package - Does this include the sim account as well or is that an additional fee? From the DAS website, it looks like there are longer term (6/12 month) sim packages available. Does BBT have any affiliation with these, or is the 3 month for $300 package the only/best discount available?

BBT Subscription - Currently $99/month but may up it to the lifetime package in the coming months.

Additional Scanners - Are there any "must have" scanners that you feel one should have? I've found the BBT pre-market session, the BBT scanners in the chatroom, and the DAS "Top List" all flag numerous stocks in play. I feel that this generates more than enough stocks to trade during the pre-market and during the open in order to have the opportunity at a profitable trading day.

Commissions - From reading previous forums and seeing some discussion in the chat, is $0.005/share still a good ballpark figure of what to expect in the end?

Thanks for your time!

-Sam

Edited April 22, 2021 by Sam Peplin
update

[Brendon 146]

Hi Sam,

I can tell you what I pay. There is a BBT DAS promo where you get all you need for $150/month. $165 if you want the replay feature. 

https://www.learningdaytrading.com/partnership/bearbull

I am on the tiered plan which depending on the volume of shares you trade is generally cheaper than the fixed at 1/2 a penny a share...and definitely cheaper if you trade over 200k shares a month, but could be challenging for new traders keeping it small. It was for me to get that volume...

I use the chatroom scanners and their Bezinga alert service if I am trading later in the day, usually I am not but sometimes. So scanners and alert service are free.

I am a Lifetime member as that pays for itself within I think a years' time if you were to get your own TI scanners. So a no brainer there. 

I would only be a month to month member if I thought I could not do it. I don't have that thought.

IBKR Pro is what you want, not LITE for day trading. LITE is more for swing trading. I don't think LITE works with DAS? 

Total fees = Lifetime charge + $150 DAS/month + your commission structure (a quasi charge)

I know I was concerned with charges when I first started trading and many will tell you that is the last thing they think about after they start trading live. It's more about keeping it green because that when you are really tested. 

Hopefully this helps 🙂

Edited July 10, 2020 by Brendon